ENTRY NO. A-7R, SEMI-REVERSE ENTRY A-7 - 10607

(Revised: 06/2023)

Purpose: To semi-reverse Entry No. A-7 on July 1 for those capital assets that were budgeted to be traded-in during the fiscal year and have been surveyed but are still on hand pending sale in lieu of trade-in.

 

References: SAM Sections 8366, 8640, 8641, and 10538

 

Reverse Entry No. A-7 - Equipment Surveyed and Held for Sale Accrual

Debit/ Credit	Account	Legacy Account	Account Description	Note
Debit	5802000	9893	Prior Year Appropriations Adjustments	a
Credit	1904000	2740	Inventory of Surveyed Equipment	a

 

Note:

1. Reverse the estimated amount of sales proceeds for surveyed equipment not yet sold by June 30.

Reverse Entry No. A-7 - Remove Surveyed Equipment Accrual

Debit/ Credit	Account	Legacy Account	Account Description	Note
Debit	16xxxxx	2xxx	Capital Assets	a
Credit	3200000	5200	Investment in Capital Assets	a

 

Note:

1. Agencies/Departments deferred/exempt from using FI$Cal will replace the accounts in the Capital Assets Group of Accounts. Agencies/Departments using FI$Cal will adjust the accounts in the Departmental Adjustment Ledger.